Repsol Makes Russia’s Largest Hydrocarbons Discovery in 2 yrs

By Joseph R. Fonseca

Tuesday, June 24, 2014

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Repsol has made two new discoveries in the Russia’s Karabashsky blocks, in the West-Siberian Ouriyinskoye field. The recoverable resources from the Gabi-1 and Gabi-3 wells are estimated by the Ministry of Natural Resources and Environment of the Russian Federation at 240 million barrels of oil equivalent, a considerable addition to the resources Repsol currently holds in Russia.

The Minister of Natural Resources and Environment of the Russian Federation, Sergei Donskoi said this find is the biggest made in Russia in the last two years.

The use of modern seismic techniques to detect these potential resources has allowed Repsol to make these significant finds in a relatively unexplored area of West Siberia.

The discoveries confirm Repsol’s expectations of its Russian operations, where it is developing one of its key strategic projects, the AROG joint venture, together with Alliance Oil.

The exploratory success obtained in Russia adds to the successes during the last year in the United States, Latin America and Africa which added resources that will boost reserves over the coming years as they are developed.

In 2013, Repsol posted the highest reserve replacement rate amongst its peers at 275%, which also beat the company’s own reserve addition targets for a third consecutive year to reach a total 1.515 billion barrels of oil equivalent.

Repsol has boosted its exploratory activity in the last few years with significant success, with more than 50 discoveries since 2008, including some of the world’s largest finds in the period.